Turn your instant pot to the sauté setting. Add butter and stir until melted. Then add steel cut oats, and sauté for about 2-3 minutes, stirring frequently.
Pour the water and vanilla into the IP, and stir. Change the setting to Pressure Cook on high for 8 minutes, and secure lid with the vent closed.
When pressure cooking is done, let the instant pot release naturally for five minutes. Then do a quick release.
Remove lid and add milk, Craisins, and cinnamon. Stir well, and let the oats sit for about 20-30 minutes.
Spoon oats into individual serving bowls, and sprinkle with additional cinnamon to serve.