Prepare a 7 inch springform pan by generously greasing it with butter. Place the cherries in the bottom of the pan, covering the entire bottom.
Put a trivet in the bottom of the Instant Pot, and add 2 cups of water.
Blend all the ingredients, except for the jam, in a blender on high for one or two minutes. Pour over the cherries in the pan.
Cover both the bottom and the top of the pan with foil. Place on the trivet in the IP.
Cook on high pressure for 20 minutes and then allow a ten minute natural pressure release. Release the rest of the pressure and remove pan from cooker. Allow to cool for five or ten minutes. Remove side of pan and place dessert on a plate.
Heat the jam in the microwave for 1 minute. Stir and then spoon over the dessert as a glaze.
Serve warm with a little whipped cream topping if desired.