WHISK water and 1/4 cup peanut butter in medium bowl until blended. Whisk in pancake mix and cinnamon just until evenly moistened. Stir in chocolate chips. Let stand 3 minutes.
HEAT skillet over medium-high heat or electric griddle to 375°F. Coat with no-stick cooking spray. Pour 2 tablespoons batter for each pancake onto hot skillet. Cook 1 to 1 /2 minutes on each side or until golden brown.
COMBINE syrup with remaining 1/4 cup peanut butter in microwave-safe bowl. Microwave on HIGH 30 seconds. Serve over warm pancakes.