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In 6-8 quart pressure cooker, add the butter and olive oil to the cooker over medium-high.
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Place the flour in a shallow dish and season with salt and pepper. Season the ribs and then lightly coat each rib in flour.
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Brown the ribs on all sides in the pressure cooker, about 8 minutes. Make sure to do this in batches so that each rib gets browned. Transfer the browned ribs to a plate.
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Add the onion, garlic, and thyme sprigs and saute until soft, roughly 5 minutes.
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Once the onions are softened, deglaze the pan with the red wine, water and beef base. Continue to cook for about a minute cook, stirring making sure to mix in the beef base.
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Return beef to pressure cooker.
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Secure the pressure cooker lid and bring to high pressure over medium-high heat. Adjust the heat once pressure is reached and cook for 50 minutes. Remove from heat and let the pressure come down naturally before removing the lid.
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Transfer the short ribs to a platter and strain the remaining liquid into a gravy separator.
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Serve the short ribs over mashed potatoes, rice or even a parsnip puree.
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Enjoy!