In a heavy saucepan, bring chocolate milk and rice to a gentle boil over medium heat, stirring occasionally.
Reduce heat to low and cover and cook, stirring occasionally for about 20 minutes or until most of the milk is absorbed and rice is tender but firm.
Stir in raisins, sugar and vanilla. Cover and let stand for 10 minutes.
Stir in chocolate until melted and serve warm or chilled.
Creamy Chocolate Option: Substitute white milk instead of chocolate and sprinkle with real chocolate before serving.