Pour the milk, water, oats, honey, vanilla bean paste, cinnamon, and salt into the Instant Pot.
1 1/2 cups milk*, 1 1/2 cups filtered water, 1 cup steel cut oats, 1 Tbsp. honey or maple syrup, 1 tsp. vanilla bean paste or vanilla extract, 1/2 tsp. ground cinnamon, pinch of salt
Stir to mix.
Secure the lid, be sure the valve is set to the sealing position. Plug in the Instant Pot and press the "pressure cook" button and set it to HIGH pressure for 4 minutes.
Once the Instant Pot beeps, let the oats sit for an additional 20 minutes (this is called the natural release method, the time on the Instant Pot will count up).
Switch the top knob to venting and let any extra steam release, there might not be any steam left. The pin on the lid will drop.
Remove the lid and use a wooden spoon to stir. Spoon into bowls and top with your favorite oatmeal toppings. Enjoy!
Topping ideas: fresh berries, creamy peanut butter raisins, brown sugar, honey, bananas, splash of milk