Place beans, water, black pepper, butter, and bay leaf in IP. Lock lid, close vent, and set manual time for 7 minutes on high pressure.
Once cook time is complete, quick-release the pressure.
Open lid and add salt. Mix well, then allow to sit for at least 10 minutes on warm setting.
Serve and enjoy!
Opinions will vary, but in my experience, if you add the salt before cooking, the skin of the beans will be tougher. It is kind of a rule-of-thumb to always add salt to beans AFTER they are cooked.
You can use slightly more or less beans. As long as they are covered in water, the cook time will remain the same.
Bags of frozen lima beans are marked "fresh frozen", as they are fresh beans that have been frozen. You may use either fresh frozen, or fresh lima beans for this recipe. This recipe was not written for dried beans.