Hit saute on the Instant Pot, add in 1 tablespoon extra virgin olive oil and 2 tablespoons unsalted butter and let melt.
Once melted, add in 1 small shallot (minced) and 1 tablespoon fresh thyme leaves and saute for 2-3 minutes, just until the shallots are glistening and beginning to soften.
Add 1 cup arborio rice to the inner pot and toss the rice with the butter and shallot mixture to coat.
Toast the rice for 1-2 minutes until lightly golden.
Add ⅓ cup dry white wine to the inner pot. Scrape up off the browned bits off the bottom of the inner pot and let simmer for about 2 minutes to reduce in half.
Hit cancel to turn off the saute function.
Heat 2 cups chicken stock or vegetable broth for 1-2 minutes in the microwave, then add to the inner pot.
Stir in ½ teaspoon kosher salt.
Place lid on the pressure cooker, ensuring the vent knob is sealed.
Use the pressure cook or manual button to set to cook high pressure for 5 minutes.
After the cooking time has elapsed, let the pressure release naturally for at least 10 minutes, then you can do a quick release of any remaining pressure by carefully knocking the vent knob from sealed to venting.
Add ½ cup grated parmesan cheese and 1 cup frozen peas (if using), and gently stir to combine.
If you need to loosen up the risotto, heat the remaining cup of broth until hot.
Add it to the inner pot, ¼ cup at time, stirring after each addition until the right consistency is reached.
Serve warm with additional parmesan cheese and fresh parsley if desired.
(Did 1.5 cups rice with 1small bottle wine, 1 whole sm/m onion, half shallot, 4 cups broth- 7 minutes then 10 naturally release. Stirred in cheese and garlic powder at end. )
