Add the oatmeal, water, peaches, cream, and sugar to the Instant Pot or Pressure Cooker.
Place the vent in the sealing position and press porridge mode.
Set time for 1 minute (see note).
The pressure will naturally release on porridge mode.
Stir and adjust consistency with additional milk or cream if desired.
Sometimes the IP can give a burn notice when cooking oatmeal. I don't have this problem in my 6 quart but I have had reports of it happening in the 8 quart. The oatmeal will not burn, but it may be golden brown on the bottom. This is normal and fine.