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In a medium saucepan, heat the milk over medium heat for about five minutes. Right before it starts to simmer, whisk in the cocoa powder. Cook for five more minutes. Be careful not to bring the milk to a boil. If it starts to bubble, knock the heat back a bit.
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Whisk in the Nutella. When the Nutella has melted, mix in the chocolate chips. Stir until the chips melt, about three minutes. Stir in the vanilla extract, liquor, and then remove from heat.
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Pour into glasses and top with whipped cream or marshmallows and a little bit of shaved chocolate.