Place the chocolate chips and oil in a microwave safe jar. Heat for 30 seconds in the microwave. Stir. Continue to heat in 15-30 second intervals until melted, stirring each time. It should take about one and a half minutes since the coconut oil melts really fast. Stir in vanilla once melted. Store in the fridge and reheat as needed. It must be heated each time you use it and poured over the ice cream while warm.