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Select the saute or browning setting on a 6-quart electric pressure cooker, and adjust to medium heat. Add 1 tablespoon of the sesame oil. Once the oil is hot, brown the chicken in batches, adding more oil as needed. Once all the chicken has browned, press cancel. Return all the chicken to the pressure cooker. Editor's Tip: Browning the chicken in batches prevents overcrowding, giving each piece space for a nice golden crust.
In a bowl, whisk together the honey, soy sauce, water, garlic and red pepper flakes. Pour the mixture over the browned chicken in the pressure cooker. Lock the lid in place, and close the pressure-release valve. Set the Instant Pot to pressure-cook on high for four minutes. Then quick-release the pressure.
In a small bowl, mix the cornstarch and cold water until smooth, then stir the cornstarch slurry into the pressure cooker. Select the saute setting again, and adjust to low heat. Simmer, stirring constantly, until the sauce thickens, one to two minutes. Serve the chicken over hot cooked rice. Sprinkle with sesame seeds and, if desired, green onions.