Season oxtails with salt and pepper, place oxtail in a heavy bottom skillet over medium high heat and cook on each side for 3-4 minutes, cook in batches. Sit skillet to the side for rice. Transfer oxtails to a bowl and cover with jerk paste and cover with a lid and refrigerate overnight(optional).
Add oxtails to insta-pot, pour stock in bowl you used to toss oxtails to get remaining jerk paste add to pot along with garlic, thyme and bay leaf cover with lid, press pressure cook and set timer for 75 minutes. Oxtails should be fork tender when they’re done, continue cooking if more time is needed.
When oxtails have about 30 minutes left, in a sauce pot over medium heat add 1 tablespoon of butter once hot cook onions for 2 minutes add rice and cook for 1 minute, stir in remaining butter, coconut milk, stock, red beans, thyme, all spice, salt and pepper. Bring to a boil, cover and turn heat to low simmer for 15-20 minutes. Fluff rice cover for 5 minutes before serving.
To serve add rice and peas to plate, oxtails and gravy, serve hot.