Set Instant Pot to saute. Add the olive oil and heat for 2 minutes. Add garlic, onion, bell pepper, parsley and jalapenos (if using) and saute for 3 minutes.
Add ground meat and cook until no longer pink; drain, if needed.
Add the chili powder, cumin, sugar, oregano, salt, pepper and cayenne pepper and stir into the meat-veggie mixture. Add the tomato juice, diced tomatoes, tomato sauce, kidney beans and pinto beans to the pot. Place the cover on the pot and set timer to 20 minutes on high pressure (chili setting). It will take the IP around 10 minutes to build up pressure before it begins cooking.
When cooking is done, let the pressure release naturally for 10 minutes, then do a quick release.
Remove cover and serve immediately. Top with shredded cheese and sour cream, if desired.