Place oats and milk in a medium size mixing bowl. Set aside for 8-10 minutes until softened.
To the softened oatmeal add flour, sugar, baking powder, salt and cinnamon. Mix until fully combined.
Add egg, melted butter and chocolate chips, mixing until blended.
Heat a skillet over medium-high heat add 1 Tbsp oil and 1 Tbsp butter, melt together.
Using a standard size 4 ounce ice cream scoop or ¼ cup measuring cup divide the batter for each pancake into approximately 3 inch rounds.
Cook for 2 minutes per side, carefully turn when tops are covered with bubbles and edges are browned and cooked. Add more chocolate chips, if desired before turning. Cook in batches adding more oil and butter to the pan between each batch, as needed.
Serve immediately with butter and maple or chocolate syrup and whipped cream.