In a mixing bowl, beat the cream cheese, butter, and vanilla until fluffy.
Gradually add sugars; beat just until combined. Stir in chocolate chips.
Cover and refridgerate for two hours.
Place cream cheese mixture on a large piece of plastic wrap; shape into a ball. Refrigerate for at least 1 hour.
Just before serving, roll cheese ball in pecans (if desired).
Submitted by: Jodi R.