Cream butter, cream cheese and sugar. Add eggs, one at a time, beating after each addition. Add flour and flavoring. Pour into greased tube pan.
Put into a cold oven. Then set at 300 degrees. Bake for 1 hour and 30 minutes, or until done.
ICING:
In a large, heavy saucepan, cook sugar and milk to softball stage. Stir constantly to prevent scorching. Add butter, chocolate chips and marshmallow creme. Stir until all are melted and mixture is smooth. Cool slightly before icing cake.