Preheat your oven to 350 degrees F. and line a muffin tin with cupcake liners.
In a medium-sized bowl, sift together flour, cocoa powder, baking powder, baking soda, and salt.
Heat ½ cup water in the microwave until boiling. Add the chocolate chips to the hot water to melt. Set aside to slightly cool the mixture.
In a large bowl, add sugar, egg, buttermilk, sour cream, and vegetable oil and beat with a hand mixer or a whisk until smooth.
Add the dry ingredients and pour in the chocolate and water mixture slowly, while mixing.
Divide the batter into the cupcake tin making sure to fill about 2/3 full so that the cupcakes do not rise past the cupcake liner. This is enough for approximately 14 cupcakes.
Bake the cupcakes for 16 minutes, or until a toothpick comes out clean.
Allow the cupcakes to cool completely before frosting.
To make the cream cheese frosting, mix the softened cream cheese and softened butter with an electric mixer until smooth. Add the powdered sugar and mix for 3-4 minutes or until fluffy.
Frost the cupcakes, decorate with sprinkles, if desired, and enjoy!