Use the saute function on the instant pot to melt the butter (or coconut oil) and toast the oats for 2-3 minutes.
Stir in the water and cream (or almond milk), sugar, and salt. Lock the lid in place and select high pressure and 10 minutes cook time. (*note the pressure cooker will take time to get to high pressure before the cook time begins)
When the cook time ends, turn off the pressure cooker. Let the pressure release naturally for 10 minutes and finish with a quick pressure release. Stir in the chia seeds and vanilla. Cover and let sit for 5 minutes or until the oats reach your desired thickness.
Serve with milk, berries, nuts, jam, or dried fruit.