Preheat oven to 325 degrees. Liberally grease bundt cake pan.
Add cake mix, pudding mix, sour cream, vegetable oil, water and eggs to a large bowl. Beat with an electric mixer for 1 minute on low speed. Then increase to medium and beat for two more minutes. Add chocolate chips and stir until well combined.
Pour batter into prepared cake pan and bake 45-50 minutes or until toothpick inserted into the middle of the cake comes out clean.
Let cake cool in pan for 15 minutes. Then using a heatproof serving plate, turn cake upside down and remove from pan. Let cake cool for one hour.
Using an electric mixer on medium speed, beat together butter and strawberry preserves until well combined. Add powdered sugar and continue to beat until smooth. Finally add in buttermilk and beat for about 1-2 more minutes.
Spread frosting gently over cake and sprinkle with additional chocolate chips.