Place the water and the masa into the jar of a blender and blend until smooth. Transfer to a medium sized saucepan.
Add the milk, chocolate, piloncillo (or sugar, molasses combination) and the anise seed if you wish to use them. Bring the mixture to a simmer, whisking with a molinillo or whisk until the chocolate and sugar is melted and well-blended. Strain the mixture through a medium sieve (optional) and serve hot, in mugs.