Step 1

Select SAUTÉ on Instant Pot, and add butter and oil. When butter is melted, add onions and sugar; stir well to coat. Select CANCEL.

Step 2

Cover cooker with lid, and lock in place. Turn steam valve to SEALING position. Cook on HIGH PRESSURE for 5 minutes (pot will take 7 to 10 minutes to build pressure).

Step 3

Select CANCEL, and carefully release pressure. Remove lid, and select SAUTÉ and NORMAL setting to 18 minutes. Cook, stirring occasionally, until onions are caramelized. Sprinkle with salt and pepper.