Whisk together flour, sugar, baking powder, baking soda, and salt into a bowl.
Whisk together buttermilk, egg, butter, extracts, and food coloring in a small bowl. Add to dry ingredients and stir until incorporated. Stir in chocolate chips.
Heat a large nonstick skillet or griddle over medium heat. Spread 1/2 tablespoon of butter on the hot skillet. Pour 1/4 cup of pancake batter onto the skillet for each pancake. Cook for 1 to 2 minutes, until bottom is golden brown and edges begin to bubble, then carefully flip and cook for 1 to 2 minutes more. Transfer to plates. Repeat with remaining batter.
Serve warm with whipped cream, vanilla ice cream, hot fudge sauce, and more chocolate chips, if desired. Makes about 12 pancakes.