Leave the lid off. This will keep condensation from dripping into the melting butter. *
Cook in Slow Cook mode for 2 hours at Normal temperature. Use a splatter screen if necessary.
The milk solids will have settled to the bottom and will still be pale yellow in color. Turn off Instant Pot.
Cover the pot with a splatter screen because there may be some bubbling and splatter.
Select Saute mode and make sure the temperature level is at Normal, Medium or Level 3 (depending on the model). Cook in Saute mode for 8 to 10 minutes, stirring often till the milk solids turn to a GOLDEN color. Don't be tempted to cook for longer to make them darker; the milk solids will darken more after the heat is turned off. (Be careful to keep your face away from the Instant Pot in case the ghee bubbles up.)
Press Cancel and let the ghee cool down. The milk solids will darken to a CARAMEL color in the residual heat. If the color changes too quickly, remove the inner pot from the Instant Pot and place the inner pot on a heatproof surface.
Allow to cool completely.
Strain the ghee through a fine mesh strainer into mason jars or glass bottles that can be closed tightly.
Store in a cabinet away from sunlight. Ghee will last for months at room temperature because all the milk solids have been removed. Storing in the refrigerator will make it last even longer.
* If the butter starts bubbling up during the melting phase while in Slow Cook mode or during the Saute mode, use a splatter screen to keep your countertops from becoming messy.
If the milk solids are too light, the ghee will spoil quicker.
Every Instant Pot is different, so the times I've listed may be different for you. The important thing is to keep an eye on the milk solids and remove them from heat when they turn golden.
See the blog post for more detailed recipe tips, and see the step-by-step instructions and photographs for details on what color the milk solids should be.