Start by washing 2 butternut squash chunks and quartered potatoes then place them inside your Instant Pot. Add 4-6 cups of water (3/4 of the way covered), seal the pot, and pressure cook on high for 15 minutes.
While the squash is cooking, heat oil and butter in a large pot over medium heat. Add the onion and sauté for about 5 minutes, until softened.
Add the garlic to the pot and sauté for another minute.
Add the cinnamon, nutmeg, salt and pepper to the pot with the sautéed onions and garlic. Stir until incorporated.
Add broth and let it simmer on low.
Once the cooking time is up for the Butternut squash and potatoes, you can either do a quick pressure release or let the pressure release naturally.
Carefully remove the cooked squash and potatoes from the Instant Pot
Add the potato and squash chunks to the pot with the sautéed onions, garlic, and spices.
Use an immersion blender to blend the soup until smooth. Alternatively, you can transfer the soup to a blender and blend in batches until smooth.