In a medium bowl, combine the rice and water. Be sure to cover the rice with water by an inch as the rice will absorb and plump up slightly. Soak for 30 minutes.
Drain the rice in a mesh sieve and rinse under cool water until it runs clear, running your fingers through the rice. This will take a couple of minutes.
Select the "Saute" button on the Instant Pot and add rice and butter (or oil). Sautee the rice for 3 minutes, stirring frequently, before pouring in the water. Turn off.
Close the lid of the pressure cooker. Set the valve to "sealing" and start the pressure cooker on "High" for 5 minutes. Once completed, let the pressure naturally release for another 5 minutes before quick-releasing the remaining pressure. Carefully open the lid.
Using a fork, gently fluff the rice. Scoop out and serve or store for later.