Start the instant pot in Saute mode and heat oil in it. Add diced onions, ginger and garlic and sauté for about 3 minutes.
Add butternut squash, red curry paste, broth and stir to combine. Press Cancel and close lid with vent in sealing position.
Change the instant pot setting to manual or pressure cook mode at high pressure for 8 mins.
After the instant pot beeps, let the pressure release naturally for 10 minutes then release the pressure manually.
Use an immersion blender to blend the soup to a creamy texture. You can also transfer to a blender such as Vitamix to blend the soup. Be careful while blending to avoid hot splatters.
Add coconut milk, lime juice and stir well. Add salt, pepper and chili flakes to taste.
Garnish the soup with cilantro, coconut milk and peanuts. Serve hot with a side of crusty bread!
Adjust Sweetness: Add sugar or maple syrup if needed. I did not as the squash had perfect sweetness. Replacement for coconut milk: You can use heavy whipping cream in place of coconut milk. Note that this will make the soup non-vegan. Variations to make Butternut Squash Soup
Butternut Squash Apple Soup - Add a green apple cut into pieces along with the butternut squash before pressure cooking.
Curried Butternut Squash Soup - Add a tablespoon of curry powder in place of the red curry paste.
Coconut Butternut Squash Soup - Add more coconut milk to this recipe, about one 14oz can to get a prominent coconuty taste.
Spicy Butternut Squash Soup - Increase the amount of red curry paste and add chili flakes to your taste while serving.