Okay, so here's what you need:
Take the butter and sugar and cream it together. Stir in the flour, salt, vanilla extract, and chocolate chips. Gradually add the water until you get a nice cookie-dough-like consistency. Spread it into a container with a lid and put in the refrigerator for at least 30 minutes. (This takes great self discipline, by the way.)
Then take it out of the fridge and help yourself to a few spoonfuls. If necessary, hide in a closet or other kid-safe place so you don't have to share.
If you're wondering how long this stuff lasts when kept in the refrigerator, I have no idea. Mine has never made it past one day. (No, I didn't eat the whole thing by myself! At least not all in one sitting...)