Place the black beans, water, olive oil, salt, bay leaves, onion, garlic, and jalapeño in the pot.
Close the lid and set the steam release knob to the Sealing position.
Press the Pressure Cook/Manual button or dial, then the +/- button or dial to select 40 minutes. High Pressure. The pot will take several minutes to come to pressure.
When the cook cycle has finished, turn off the pot and let it sit undisturbed for 15 minutes (15 minute natural release). Then turn the steam release knob to the Venting position to release the remaining steam/pressure.
When the pin in the lid drops back down, open the lid.
Add cilantro and/or queso to the top of each serving.