First, set your instant pot to the sauté mode and add the ¼ cup water. Allow the water to boil first. (This step will prevent the milk to stick to the bottom of the pan)
Then add milk, add half of the half and half, sugar or sweetener, vanilla extract, spice, cocoa powder, and the chocolate chips. Give it a nice and good stir.
Secure the lid and seal the pressure valve. Now set the instant pot to pressure cook for 3 minutes and adjust the pressure level to low.
After the instant pot beeps, wait for 10 minutes of natural pressure release. Then open the lid and whisk the ingredients.
Now add the rest of the half and half and give it a good mix. Pour in serving mugs or glasses and top with whipped cream, chocolate chips, chocolate sauce, and marshmallows.
Serve hot and enjoy.