Chocolate Chip Coffee Cake

3 cups sifted all-purpose flour
1/3 cup sugar
2 envelopes yeast
1 teaspoon salt
1/2 cup milk
1/2 cup water
1/2 cup butter or margarine
2 large eggs
3/4 cup semisweet chocolate morsels

Cherry Spin Coffee Cake

1 1/4 cup milk
1 teaspoon salt
1/4 cup granulated sugar
1/2 cup olive oil
1 package (1/4 ounce) active dry yeast
3 1/4 cup sifted all-purpose flour
2 eggs
1/2 teaspoon vanilla
1 cup cherry preserves
1 cup powdered sugar
Milk
1/3 cup sliced almonds
Preheat oven at 375° degrees F.