The standout on Chocolate Peak is its color.
For most, climbing Chocolate Peak is an entree or a dessert after climbing Cloudripper. From the Bishop Pass trail or the Chocolate Lakes it will take 20 minutes tops to check off Chocolate Peak. Climbing the peak seems to be somewhat popular from vestiges of use trails I came across while scrambling up it. From the northwest side, it is a class 2 scramble and from the southeast side it is a class 2 scramble. For the full chocolate experience, I would climb it from the northeast side off of Bishop Pass trail because that is the chocolate colored side. You would be hard pressed to find anything more than class 2 on small peak.
From 395 in the town of Bishop, head west on 168/West Line Street, one of the few stoplights in town. After approximately 15 miles up 168, turn left onto South Lake Road and proceed for 5.8 miles to South Lake and the trailhead for Bishop Pass. There is both day use and overnight parking, so park appropriately.
Bishop Pass Trail climbs along the east side of South Lake. After a mile there is a junction with Treasure Lakes Trail, follow Bishop Pass Trail to the left. After another mile there is a junction with Bull Lake and Chocolate Lake, hang a left. Chocolate Mtn is unmistakable. The turnoff for the trail leading up to the Chocolate Lakes is 2.0 miles from the Bishop pass trailhead.
Nothing needed for a dayhike.
The whole area would be great for camping. I noticed quite a few developed sites around the two of the upper Chocolate Lakes.