Preheat oven to 350°.
In a large mixing bowl, combine butter and sugar, beating well.
Add eggs one at a time, beating well after each addition.
Add pumpkin and water.
In a medium bowl, combine flour, baking soda, baking powder, cinnamon, and cloves.
Add to pumpkin batter, mixing just until combined. Stir in chocolate chips.
Grease and flour two 9" x 5" x 3" loaf pans. Distribute batter among pans.
Bake at 350° for one hour or until a wooden pick inserted into center comes out clean. Let cool and remove from pans.