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For the cake:
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Preheat oven to 350 F.
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In a large bowl, combine the butter, sugar, egg and vanilla. Using a stand or hand-held mixer, beat until smooth and then mix in the buttermilk.
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In a separate bowl, combine the flour, baking soda, baking powder, salt and cocoa powder. Slowly beat the dry ingredients into the wet until the mixture is thoroughly combined.
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Make the swirl mixture by combining the cream cheese, sugar and vanilla in a bowl and beating until completely smooth. Mix in the cherry preserves by hand but there's no need to thoroughly combine. The mixture should have a red and white swirl effect.
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Butter and flour a loaf pan and pour in half of the chocolate batter. Pour the cherry cheese swirl mixture over it and top with the remaining chocolate batter. Using a butter knife, gently swirl the batters together slightly.
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Bake in the preheated 350 F oven for approximately 50 minutes or until a toothpick inserted into the center of the cake comes out clean. Remove pan fro oven, set it on a rack and allow cake to cool completely before turning out of the loaf pan.
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While the cake is cooling, make the glaze by combining the melted butter, milk, vanilla, cocoa powder, salt and confectioners sugar in a bowl and whisking until completely smooth. If you'd like a thicker glaze, use one less tablespoon of milk. Pour over the top of the cooled cake and top with the chocolate chips.
