Add the milk, pumpkin puree, sugar, and pumpkin spice to the insert of a 6 or 8qt Instant Pot.
Place the lid on the Instant Pot, and move the valve to "sealing". Select the yogurt function of the Instant Pot and toggle over until your display reads "boil". *If your Instant Pot doesn't have a yogurt function, see my instructions for you in the notes.
Once the Instant Pot beeps to indicate it is done, relieve any pressure by switching the valve to "venting". Once the pin drops (it may have already dropped), open the lid.
Whisk the contents of the Instant Pot well, and turn off the warming function.
Stir in the vanilla extract, and taste to adjust for sweetness.
Serve immediately, topped with whipped cream and a pinch of pumpkin pie spice.