Pat the chicken drumsticks dry with kitchen paper towel and season it with salt and pepper
Heat up the instant pot on "Saute" mode and add the oil. Brown the pieces of chicken on all sides. You may have to do this in batches.
While the chicken browns, combine the honey, butter, garlic, ketchup and soy sauce in a bowl, whisking it together to form a smooth sauce.
Add all the chicken pieces back into to the Instant Pot and add the sauce overtop.
Add and seal the lid, turning the valve to "Sealing". Set to "Pressure Cook" for 6 minutes.
When the Pressure Cook time is finished, carefully turn the release valve to "venting" using a long pair of tongs or another long kitchen tool so you don't burn your hand, arm or face. It's a good idea to do this under an exhaust fan in your kitchen, if you have one.
Remove the lid, sprinkle with sesame seeds and chopped green onions (optional), and serve over rice or with mashed potatoes.