Rinse the rice under cold water until the water runs clear. Drain well.

In the pressure cooker, combine the rinsed rice, water, sweetened condensed milk, whole milk, cinnamon, vanilla extract, and butter. Stir well to combine.

Lock the pressure cooker lid in place and select the manual/pressure cook function. Set the timer for 20 minutes at high pressure.

After the timer goes off, turn off the heat and let the pressure release naturally for 10 minutes, then carefully use the quick-release valve to release any remaining pressure.

Stir the rice pudding well to combine and thicken it to your desired consistency.

Turn off the pressure cooker and let the rice pudding cool for a few minutes. Serve warm, sprinkled with ground cinnamon, if desired.

Enjoy your delicious pressure cooker rice pudding made with sweetened condensed milk, perfect for 4 servings!