Green’s Dictionary of Slang

chocolate n.1

[colour; or in racial uses ? f. rhy. sl. chocolate frog = wog n.1 (1). According to Maledicta II (1978) ‘especially a woman or homosexual’; the gay use has extra connotation of ‘eating’ or eat v. (4)]

1. [20C+] a derog. term for a black person.

2. [1920s+] (also chocolate brown) as used by a black person, thus not derog.

3. [1970s+] the anus, used in the context of defecation and homosexuality.

4. [1980s+] (S.Afr. black) a 20-rand note.

5. [2000s] as black-to-black term of address.

In phrases

hot chocolate (n.) (also sweet chocolate)

[1980s] (US) a black woman.