In a medium saucepan over medium heat, add milk, vegetable oil, and ½ cup sugar. Cook until very hot but not boiling. Set aside and cool to lukewarm.
Once mixture is lukewarm, sprinkle yeast over the top of the milk and let it sit for one minute.
Stir flour into the yeast mixture until just combined, without kneading. Cover with a clean kitchen towel and set aside in a relatively warm place for an hour to rise.
Remove the towel; add baking powder, baking soda, and salt to the dough; and mix together to combine.
Place dough on a lightly floured surface and roll into a large rectangle, about 30×10 inches.
Using a pastry brush, brush about ¾ cup of the melted butter on the dough. Then sprinkle remaining ¾ cup sugar, cinnamon, and mini chocolate chips over the top.
Beginning at the end farthest from you, begin to roll the dough tightly toward you. Be careful and go slowly. Pinch the seams together once you’re done. Slice the roll into slices that are about 1 ½-inches. You’ll likely get between 14-18 rolls out of this.
Brush remaining ¼ C butter into the bottom of two pie plates. Place cinnamon rolls around the dish, being careful not to overcrowd.
Cover the rolls with a kitchen towel for about 20 minutes, so they can rise and pre-heat oven to 375 degrees.
Bake for 13-17 minutes until rolls are cooked through and just turning golden around the edge.
After removing cinnamon buns from oven, pour butterscotch icing over warm rolls.