Put sticks / blocks of refrigerated butter in the inner pot of the Instant Pot.
Start Instant Pot in saute mode - normal.
Butter will first melt, then turn milky, and you will see an almost white layer on top.
After this, the butter will start to bubble up.. and eventually these bubbles will clear out. But it's at this point, that you must start watching closely, because once this initial layer clears out, it will only take a few minutes for the ghee to be done.
Very soon - the color will start to deepen, milk solids will start to separate, and the bubbles will become smaller and smaller.
When the bubbles cover the entire surface, and the ghee appears lightly golden in color -- hit cancel. This takes about 10 minutes for 1 pound of refrigerated butter, but the time can vary based on quantity and temperature of the butter. Visual cues will not vary. (see notes)
The ghee will continue to cook for a couple of minutes even after you have hit cancel, and it will have a deeper golden hue when done.
Allow ghee to cool to room temperature, and then strain it to separate the milk solids.
Store ghee in a clean airtight glass container.