In the Instant Pot, pour in the milk, water, oats, honey, vanilla bean paste, cinnamon ,and salt. Give this a gentle stir to mix.
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