Easy Instant Pot Rice Pudding - Rich, Creamy, and Easy to Make

Enjoy a rich and creamy rice pudding made easily using the Instant Pot. This simple dessert is egg-free and perfect for the holidays or a cold winter's night.
Recipe:
1 cup long-grain Basmati (or Jasmine) rice, rinsed really well
1 cup water
1 cinnamon stick
1 pinch of salt
1 teaspoon grated nutmeg (from a dried bulb) or 1/2 teaspoon ground nutmeg
1 pinch of ground cloves
1 (14 oz can) sweetened condensed milk
1 cup heavy cream or whole milk
1 teaspoon vanilla extract
Optional: 1/2 cup raisins soaked in 1 shot of spiced rum OR hot water.
Directions:
Place rinsed rice into the inner pot of pressure cooker. Add in the water, cinnamon, salt, nutmeg, and cloves. Place the lid on the pressure cooker, and seal or lock the lid. Set to cook on high pressure for 5 minutes with a full natural pressure release.
After the pressure has been released, open up the inner pot. Fluff the rice with a fork, removing the cinnamon stick.
Hit cancel to turn off the saute function on the Instant Pot and hit saute. Add the sweetened condensed milk to the inner pot, along with 1/2 cup of the cream or milk. Stir well, until bubbly and thickened, adding more cream as needed.
Once thick and bubbly, hit cancel and stir in the vanilla extract.
If desired, top with raisins.
Leftovers will keep in the fridge for up to 3 days in an airtight container. You may need to add more milk to thin when reheating.