Select sauté on the instant pot and adjust to high. Then add in 2.5 tbsp butter, 1 tbsp oil add the turkey breast.
Sear the turkey breast on all sides continually for a few minutes for about 5 minutes. Press cancel. Transfer the breast to a plate or a cutting board.
Add half cup chicken broth to the inner pot. Mix well and make sure nothing is stuck to the bottom of the pot.
Add the Instant Pot's wire rack, then place the turkey on top. At this time secure the lid on the pot and close the pressure-release valve. Select manual and cook at high pressure for 50 minutes. (in case of frozen turkey) or 30 minutes for turkey thawed for 24 hours, or fresh turkey breast.
When cooking is complete, let the pressure release naturally. Carefully unlock and remove the lid from the instant pot.
Transfer the breast to a cutting board, cover completely with aluminum foil and let it rest for 10 to 15 minutes before cutting into it. Remove the butchers twine before cutting into it.
If crispier skin is desired, place the cooked turkey breast on a baking pan or dish and set under the broiler for about 5 to 10 minutes. I typically, set my broiler to 440 degrees F and watched the turkey the whole time. Cut into it after broling.