Melt the butter in the cooker. Stir in the rice and coat well with butter. Turn off the cooker.
Add the milk, coconut milk, sugar, cinnamon, salt, vanilla, and coconut extracts. Stir, close and lock the lid and turn the regulator knob to pressure.
Pressure cook on HIGH for 10 minutes and let the pressure come down naturally after cooking time is done.
Open lid, add 1⁄8 cup of the coconut flakes, and stir gently to remove lumps. Cool completely and place in the refrigerator.
Serve sprinkled with the remaining coconut flakes and more cinnamon. For best results, remove from the refrigerator 20 minutes before serving.