In the inner pot of your Instant Pot® pressure cooker combine the rice, milk, water, sugar, cinnamon, raisins, and salt.
Mix well – make sure there are no large lumps of cinnamon.
Close the lid, lock it into its position. Press MANUAL (pressure cooking) and adjust the time to 5 minutes.
When the cooking cycle is finished, wait about 7 minutes before releasing the pressure manually. (Adjust cook time to 3 min for harder rice or 7-10 minutes for softer rice)
When the pin has dropped, open the lid and give it a good mix. Now stir in the butter. Taste it and add more sweetener, if needed.
Serve and garnish as you like. (Will thicken as it cools)