Combine first 4 ingredients in a medium, heavy saucepan, stirring well with a whisk. Gradually add milk to sugar mixture, stirring constantly with a whisk until well blended. Place pan over medium heat, and bring to a boil. Cook for 1 minute or until thick, stirring constantly with a whisk. Remove from heat. Add chocolate chips, and stir until smooth. Stir in vanilla.
Pour pudding into a bowl; cover surface of pudding with plastic wrap. Chill. Remove plastic wrap; spoon 2/3 cup pudding into each of 6 bowls. Sprinkle each serving with 2 teaspoons crushed malted milk balls.