Sounds good. Makes me wish I had an IP!When I make caramel sauce in the Instant Pot, I pour it into a pint canning jar. Here's what I have on my recipe card.
Pour 1 14oz can of sweetened condensed milk into a pint canning jar. Cover with a canning lid/ring.
Put jar on trivet in IP. Add water to above the line of the milk, but below the ring.
High pressure for 20 min. Quick pressure release. Using jar lifter, remove the jar (lid will seal) and allow to cool.
If you use a longer time, it will be thicker. I've never done it longer than 20, but I have written down that 35 minutes makes it more like a peanut butter consistency.
I can fit up to 3 jars in my IP. Why would I ever do fewer than 3?