Rinse the split peas in a strainer. Sift through with your fingers to remove any stones.
Open the Instant Pot and add the water, thyme, salt and rinsed split peas to the metal cooking container. Stir.
Seal the IP by turning the lid to the "lock" position. Push the sealing vent to the "closed" position. Start the Pressure Cook cycle for 10 minutes.
Once the cook time is complete, turn off the IP and let the pressure release naturally. (ie. Don't touch anything for about 10-15 minutes.) Wait for the silver pressure release button to sink on its own. Once the pressure has been released, open the lid to the IP and stir for about a minute with a large spoon. This will break up the split peas and create a creamy dip.
Serve immediately and top with olive oil. Optional garnish of freshly chopped parsley and capers.