1. Place milk chocolate chips and light cream in medium microwave-safe bowl. Microwave at MEDIUM (50%) 1 minute; stir. If necessary, microwave at MEDIUM an additional 15 seconds at a time, stirring after each heating, just until chocolate is melted and mixture is smooth when stirred. Stir in vanilla.
2. Pour into demitasse cups or very small dessert dishes. Cover; refrigerate until firm. Serve cold with SWEETENED WHIPPED CREAM. 6 to 8 servings.
SWEETENED WHIPPED CREAM: Beat 1/2 cup cold whipping cream, 1 tablespoon powdered sugar and 1/2 teaspoon vanilla extract in small bowl until stiff. Refrigerate until ready to serve. About 1 cup whipped cream.