Prep: Preheat the oven to 350degrees F. Grease the inside of the bundt cake pan well with oil and flour, to prevent the cake from sticking.
Cake batter: In the bowl of a stand mixer or in a large mixing bowl, combine the room temperature butter with the granulated sugar and cream for 5 minutes.
Beat in the eggs, one at a time, until incorporated. Then mix in the vanilla extract and the sour cream. Mix in the hot water and stir to combine.
In a separate small bowl, sift together the flour, salt, baking powder, and baking soda. Stir the dry ingredients into the wet batter and mix together until just combined. Be careful not to overmix.
In another small bowl, toss the chocolate chips with a teaspoon of flour. This will prevent them from sinking to the bottom of the pan as the cake bakes. Fold them into the cake batter.
Bake: Pour the cake batter into the prepared bundt pan and bake in the preheated oven for 50-55 minutes or until a toothpick can be inserted and come out clean. Be careful not to overbake this cake or else it will be dry. Allow it to cool slightly before releasing from the pan.
Glaze: In a medium size bowl, combine the powdered sugar, melted butter, peanut butter, milk, and salt, whisk together until smooth. If needed, add in another tablespoon of milk if the glaze is too thick.
Pour the glaze over the top of the cooled cake, allow it to set before slicing and serving. Slice, serve and enjoy!