Step 1

Add milk, cream, water, sugar, and vanilla to a programmable pressure multicooker (such as Instant Pot). Whisk milk mixture until fully combined. Stir in rice, dried cranberries, salt, and nutmeg; add cinnamon stick. (Times, instructions, and settings may vary according to cooker brand or model.) Cover cooker with lid, and lock in place. Turn steam release handle to SEALING position. Select MANUAL/PRESSURE COOK setting. Select HIGH pressure for 5 minutes. (It will take 15 to 20 minutes for cooker to come up to pressure before cooking begins.) When cooking is finished, let the pressure release naturally (float valve will drop). (This will take 15 to 20 minutes.) Remove lid from cooker.

Step 2

Remove cinnamon stick, and stir rice pudding. Return lid to cooker, and let stand 5 minutes. Stir rice pudding, and serve immediately.