Spray inside of Instant Pot with olive oil or nonstick cooking spray. Add water, grits and salt. Stir well to combine. Secure the lid to the Instant Pot and set to HIGH setting for 10 minutes with natural pressure release, about 15 minutes.
Once the grits have cooked and the pressure has released naturally, carefully remove the lid to the Instant Pot. Stir in the cream and add the butter. Serve with additional butter and cheese if desired.