Make German Chocolate Syrup. Combine evaporated milk, brown sugar, butter, and egg yolks in a medium saucepan. Cook over medium heat, stirring constantly, until mixture thickens somewhat, about 8 to 10 minutes. (It will thicken much more as it cools some.)
Remove from heat and stir in pecans and coconut.
Make pancakes. In a large bowl, whisk together first 5 ingredients.
In a medium bowl, whisk together milk and eggs.
Pour egg mixture into flour mixture and stir to combine. Stir in chocolate chips.
Heat a griddle or large nonstick pan over medium heat. Lightly coat with oil or melted butter. Pour 1/4 cup batter for each pancake. Cook until bubbles form on surface, flip and cook until done.
To serve, layer the pancakes and the German Chocolate Syrup.
Notes
If syrup cools off too much before you serve it, you can warm it in the microwave.