Preheat oven to 375 F. Line a jelly roll pan (10"x15") with parchment paper and spray with cooking spray.
In the bowl of a stand mixer with the whisk attachment (or using a hand mixer), beat the eggs for 5 minutes on medium speed until they are bubbly.
While continuing to mix on low, gradually add the sugar. Then mix in water and vanilla extract.
With the mixer still on low speed, sift in flour, baking powder and salt. Mix until well combined, scraping the bowl as needed. The batter will be thin. Pour the batter into the prepared pan.
Bake for 7-9 minutes. Cake will be springy to the touch and start to shrink away from the sides of the pan.
Lay out a sheet of parchment paper slightly longer than the cake and sprinkle lightly with powdered sugar. Turn the sheet cake out onto the prepared parchment paper. Peel off the parchment paper and cut away the crusty edges of the cake.
Roll the cake up in the parchment paper sprinkled with powdered sugar. Place in the refrigerator to cool.
Whip heavy cream on high in a stand mixer until cream is thick. Add in Ricotta cheese, cream cheese, powdered sugar, vanilla and cinnamon and mix on low to medium to combine until ingredients are mixed together well. Stir in chocolate chips.
Unroll cake and spread the cannoli filling over the cake. Tightly roll the cake back up and refrigerate for an hour before serving.
To slice, run hot water over a knife and wipe dry before slicing straight through. Rinse in hot water and dry knife in between cutting each slice. This allows for a cleaner slice.
The calories shown are based on the cake roll being cut into 8 pieces, with 1 serving being 1 slice of cake roll. Since different brands of ingredients have different nutritional information, the calories shown are just an estimate.